POL Prices Go Up By Rs4 On The First Day Of New Year


POL prices go up by Rs4 on the first day of new year

The hike in the prices of the petroleum products has been made to meet the levy target agreed with the International Monetary Fund (IMF).

ISLAMABAD: (UrduPoint/Pakistan Point News-January 1st, 2022 The federal government on the eve of the new year announced yet another increase in the prices of petroleum products.

The price of petrol and high-speed diesel will rise by Rs 4 rupee per litre for the first 15 days of January 2022, according to a notification issued by the Finance Division on Friday. The price of kerosene has been increased by Rs3.95, and light diesel oil (LDO) by Rs4.15 per litre.

The new prices will be effective from January 1.

The hike in the prices of the petroleum products came to meet the petroleum levy target agreed with International Monetary Fund (IMF).

Following the hike, the price of petrol will go up from the previous Rs140.82 per litre to Rs144.82 per litre, while the price of high speed diesel will jump to Rs141.62 per litre from the previous Rs137.62 per litre.

The rate of light diesel oil will go up to Rs111.06 per litre from Rs107.06 per litre. Similarly, the price of kerosene will go up from Rs109.53 to Rs113.53 per litre.

According to the notification, the prime minister had rejected the proposal of the Oil and Gas Regulatory Authority (OGRA) for an increase in prices of petroleum products and advised to increase only Rs4 per litre to meet the petroleum levy target agreed with the IMF.

The Finance Division also mentioned that sales tax on petrol and diesel has been adjusted downwards as compared to December 16, 2021 to keep the prices lower.

Fida Hussnain

Fida Hussnain is a lahore based journalist. He writes on politics, religion, social issues and climate change. He is also a research fellow at University of Gujrat.